Luke Edwards delivers heartbreaking news as NUFC takeover suffers setback – originally posted on Sportslens.com
Newcastle United takeover has been hit by another setback, as the arbitration hearing has been adjourned until New Year, according to The Telegraph’s Luke Edwards.
#nufc takeover hit by yet another setback as arbitration hearing adjourned until New Year with both sides having issues with disclosure of relevant information. Unless Ashley sells to someone else likely he will now remain owner for next season #NUFCTakeover more to follow
— Luke Edwards (@LukeEdwardsTele) July 19, 2021
Both sides have issues with disclosing some relevant information, and Magpies chairman and owner Mike Ashley is set to remain in charge for next season except he sells to someone else apart from the Saudis.
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Amanda Staveley-led Public Investment Fund had struck a £300 million deal with Ashley last year, but the Premier League’s Owners’ and Directors’ Fitness Test frustrated the potential buyers and they pulled out.
The arbitration court case focuses on Saudi State control of PIF, with Ashley’s lawyers hoping to establish whether there is a separation between the PIF and the Saudi state, and who would Newcastle’s ultimate owners be.
Magpies fans were hoping the hearing would be concluded ahead of the new season, but that is now off the cards.
Ashley wants to sell the club, with the Saudis keen, but both parties now have to wait for until at least six months, and Newcastle will have to go about business as usual in this summer transfer window and January’s.
Toons head coach Steve Bruce has to rely on loan deals in the coming weeks, with Ashley not willing to splash the cash.
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Author:Joseph Scott